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南玻集团（CSGS）与EZCORP INC（EZPW）财务数据对比。点击上方公司名可切换其他公司
EZCORP INC的季度营收约是南玻集团的1.2倍（$382.0M vs $323.1M），EZCORP INC净利率更高（11.6% vs 2.2%，领先9.4%），EZCORP INC同比增速更快（19.3% vs 2.0%），南玻集团自由现金流更多（$55.8M vs $31.7M），过去两年EZCORP INC的营收复合增速更高（15.6% vs 4.6%）
中国南玻集团股份有限公司是中国规模最大的建筑玻璃生产商，业务涵盖浮法玻璃、建筑玻璃、显示玻璃、汽车玻璃、镀膜玻璃、镜子、彩滤玻璃、太阳能玻璃及节能玻璃等各类玻璃产品的研发、生产与销售，产品广泛应用于建筑、消费电子、新能源汽车、光伏等多个领域。
EZCORP是总部位于美国得克萨斯州奥斯汀的典当行运营商，业务覆盖美国及拉丁美洲地区，是美国第二大典当行运营商，仅次于Cash America International，目前在纳斯达克挂牌上市。
CSGS vs EZPW — 直观对比
营收规模更大
EZPW
是对方的1.2倍
$323.1M
营收增速更快
EZPW
高出17.3%
2.0%
净利率更高
EZPW
高出9.4%
2.2%
自由现金流更多
CSGS
多$24.1M
$31.7M
两年增速更快
EZPW
近两年复合增速
4.6%
损益表 — Q4 FY2025 vs Q1 FY2026
| 指标 | | |
|---|---|---|
| 营收 | $323.1M | $382.0M |
| 净利润 | $7.0M | $44.3M |
| 毛利率 | 50.0% | 58.4% |
| 营业利润率 | 9.0% | 15.9% |
| 净利率 | 2.2% | 11.6% |
| 营收同比 | 2.0% | 19.3% |
| 净利润同比 | -79.7% | 42.8% |
| 每股收益（稀释后） | $0.24 | $0.55 |
绿色 = 该指标领先。财年不对齐时期间可能不同
8季度营收与利润趋势
并排季度历史对比，按日历期对齐，财年错位的公司也能正确匹配
营收CSGSEZPW
| Q4 25 | $323.1M | $382.0M | ||
| Q3 25 | $303.6M | $336.8M | ||
| Q2 25 | $297.1M | $311.0M | ||
| Q1 25 | $299.5M | $306.3M | ||
| Q4 24 | $316.7M | $320.2M | ||
| Q3 24 | $295.1M | $294.6M | ||
| Q2 24 | $290.3M | $281.4M | ||
| Q1 24 | $295.1M | $285.6M |
净利润CSGSEZPW
| Q4 25 | $7.0M | $44.3M | ||
| Q3 25 | $20.5M | $26.7M | ||
| Q2 25 | $12.3M | $26.5M | ||
| Q1 25 | $16.1M | $25.4M | ||
| Q4 24 | $34.5M | $31.0M | ||
| Q3 24 | $19.1M | $15.2M | ||
| Q2 24 | $13.8M | $17.9M | ||
| Q1 24 | $19.5M | $21.5M |
毛利率CSGSEZPW
| Q4 25 | 50.0% | 58.4% | ||
| Q3 25 | 48.1% | 59.0% | ||
| Q2 25 | 49.5% | 59.1% | ||
| Q1 25 | 48.4% | 58.3% | ||
| Q4 24 | 51.3% | 57.9% | ||
| Q3 24 | 49.4% | 59.5% | ||
| Q2 24 | 47.3% | 59.2% | ||
| Q1 24 | 46.5% | 58.7% |
营业利润率CSGSEZPW
| Q4 25 | 9.0% | 15.9% | ||
| Q3 25 | 10.0% | 11.0% | ||
| Q2 25 | 10.0% | 11.6% | ||
| Q1 25 | 9.8% | 11.2% | ||
| Q4 24 | 13.4% | 13.1% | ||
| Q3 24 | 10.8% | 8.8% | ||
| Q2 24 | 8.8% | 7.9% | ||
| Q1 24 | 10.8% | 9.6% |
净利率CSGSEZPW
| Q4 25 | 2.2% | 11.6% | ||
| Q3 25 | 6.7% | 7.9% | ||
| Q2 25 | 4.1% | 8.5% | ||
| Q1 25 | 5.4% | 8.3% | ||
| Q4 24 | 10.9% | 9.7% | ||
| Q3 24 | 6.5% | 5.2% | ||
| Q2 24 | 4.8% | 6.4% | ||
| Q1 24 | 6.6% | 7.5% |
每股收益（稀释后）CSGSEZPW
| Q4 25 | $0.24 | $0.55 | ||
| Q3 25 | $0.73 | $0.35 | ||
| Q2 25 | $0.44 | $0.34 | ||
| Q1 25 | $0.57 | $0.33 | ||
| Q4 24 | $1.20 | $0.40 | ||
| Q3 24 | $0.67 | $0.20 | ||
| Q2 24 | $0.48 | $0.25 | ||
| Q1 24 | $0.68 | $0.29 |
资产负债表与财务实力
最新季度各公司的流动性、杠杆与账面价值一览
| 指标 | | |
|---|---|---|
| 现金及短期投资手头流动性 | $180.0M | $465.9M |
| 总债务越低越好 | $539.5M | $518.6M |
| 股东权益账面价值 | $283.7M | $1.1B |
| 总资产 | $1.5B | $2.0B |
| 负债/权益比越低杠杆越低 | 1.90× | 0.48× |
8季度趋势，按日历期对齐
现金及短期投资CSGSEZPW
| Q4 25 | $180.0M | $465.9M | ||
| Q3 25 | $158.4M | $469.5M | ||
| Q2 25 | $145.9M | $472.1M | ||
| Q1 25 | $136.0M | $505.2M | ||
| Q4 24 | $161.8M | $174.5M | ||
| Q3 24 | $118.4M | $170.5M | ||
| Q2 24 | $110.4M | $218.0M | ||
| Q1 24 | $120.8M | $229.1M |
总债务CSGSEZPW
| Q4 25 | $539.5M | $518.6M | ||
| Q3 25 | $538.6M | $518.1M | ||
| Q2 25 | $537.8M | $517.6M | ||
| Q1 25 | $537.6M | $620.5M | ||
| Q4 24 | $538.5M | $327.7M | ||
| Q3 24 | $539.5M | $327.3M | ||
| Q2 24 | $540.5M | $361.3M | ||
| Q1 24 | $541.5M | $360.9M |
股东权益CSGSEZPW
| Q4 25 | $283.7M | $1.1B | ||
| Q3 25 | $289.5M | $1.0B | ||
| Q2 25 | $290.7M | $990.1M | ||
| Q1 25 | $283.1M | $851.6M | ||
| Q4 24 | $282.6M | $823.9M | ||
| Q3 24 | $288.4M | $804.6M | ||
| Q2 24 | $273.3M | $801.5M | ||
| Q1 24 | $269.3M | $800.4M |
总资产CSGSEZPW
| Q4 25 | $1.5B | $2.0B | ||
| Q3 25 | $1.5B | $2.0B | ||
| Q2 25 | $1.4B | $1.9B | ||
| Q1 25 | $1.4B | $1.8B | ||
| Q4 24 | $1.5B | $1.5B | ||
| Q3 24 | $1.4B | $1.5B | ||
| Q2 24 | $1.4B | $1.5B | ||
| Q1 24 | $1.3B | $1.5B |
负债/权益比CSGSEZPW
| Q4 25 | 1.90× | 0.48× | ||
| Q3 25 | 1.86× | 0.51× | ||
| Q2 25 | 1.85× | 0.52× | ||
| Q1 25 | 1.90× | 0.73× | ||
| Q4 24 | 1.91× | 0.40× | ||
| Q3 24 | 1.87× | 0.41× | ||
| Q2 24 | 1.98× | 0.45× | ||
| Q1 24 | 2.01× | 0.45× |
现金流与资本效率
扣除再投资后实际产生的现金。现金流比净利润更难造假
| 指标 | | |
|---|---|---|
| 经营现金流最新季度 | $59.2M | $39.1M |
| 自由现金流经营现金流 - 资本支出 | $55.8M | $31.7M |
| 自由现金流率自由现金流/营收 | 17.3% | 8.3% |
| 资本支出强度资本支出/营收 | 1.1% | 2.0% |
| 现金转化率经营现金流/净利润 | 8.46× | 0.88× |
| 过去12个月自由现金流最近4个季度 | $141.4M | $121.7M |
8季度趋势，按日历期对齐
经营现金流CSGSEZPW
| Q4 25 | $59.2M | $39.1M | ||
| Q3 25 | $47.9M | $51.3M | ||
| Q2 25 | $37.3M | $34.8M | ||
| Q1 25 | $11.5M | $36.9M | ||
| Q4 24 | $82.5M | $26.0M | ||
| Q3 24 | $39.5M | $43.3M | ||
| Q2 24 | $43.1M | $33.7M | ||
| Q1 24 | $-29.4M | $15.1M |
自由现金流CSGSEZPW
| Q4 25 | $55.8M | $31.7M | ||
| Q3 25 | $43.9M | $35.7M | ||
| Q2 25 | $34.6M | $25.7M | ||
| Q1 25 | $7.1M | $28.6M | ||
| Q4 24 | $76.6M | $20.4M | ||
| Q3 24 | $32.0M | $24.4M | ||
| Q2 24 | $38.8M | $30.5M | ||
| Q1 24 | $-34.1M | $8.6M |
自由现金流率CSGSEZPW
| Q4 25 | 17.3% | 8.3% | ||
| Q3 25 | 14.5% | 10.6% | ||
| Q2 25 | 11.6% | 8.3% | ||
| Q1 25 | 2.4% | 9.3% | ||
| Q4 24 | 24.2% | 6.4% | ||
| Q3 24 | 10.8% | 8.3% | ||
| Q2 24 | 13.4% | 10.8% | ||
| Q1 24 | -11.6% | 3.0% |
资本支出强度CSGSEZPW
| Q4 25 | 1.1% | 2.0% | ||
| Q3 25 | 1.3% | 4.6% | ||
| Q2 25 | 0.9% | 2.9% | ||
| Q1 25 | 1.5% | 2.7% | ||
| Q4 24 | 1.9% | 1.8% | ||
| Q3 24 | 2.5% | 6.4% | ||
| Q2 24 | 1.5% | 1.1% | ||
| Q1 24 | 1.6% | 2.3% |
现金转化率CSGSEZPW
| Q4 25 | 8.46× | 0.88× | ||
| Q3 25 | 2.34× | 1.92× | ||
| Q2 25 | 3.04× | 1.31× | ||
| Q1 25 | 0.71× | 1.45× | ||
| Q4 24 | 2.39× | 0.84× | ||
| Q3 24 | 2.07× | 2.85× | ||
| Q2 24 | 3.12× | 1.88× | ||
| Q1 24 | -1.51× | 0.70× |
财务流量对比
营收 → 毛利润 → 营业利润 → 净利润流向图
业务分部营收拆解
CSGS
| Software As A Service And Related Solutions | $287.2M | 89% |
| License And Service | $22.6M | 7% |
| Maintenance | $13.3M | 4% |
EZPW
| Merchandise | $210.1M | 55% |
| Pawn Service | $131.9M | 35% |
| Jewelry Scrap | $39.9M | 10% |
